According to U.Today, Greeks.live, a leading crypto analytics platform, recently shared data about the upcoming expiration of Bitcoin (BTC) and Ethereum (ETH) options. The data shows that options worth $2.33 billion for both BTC and ETH are due to expire soon, attracting significant interest from traders and investors. Greeks.live reports that 21,564 BTC options are nearing expiration, with a Put Call Ratio of 0.64, suggesting a higher number of put options compared to call options. This indicates a bearish sentiment among investors, with a Maxpain point set at $65,000. The notional value of these expiring BTC options is a substantial $1.4 billion.
On the Ethereum side, 298,415 ETH options are set to expire. The data shows a Put Call Ratio of 0.42, with put options also outnumbering call options, indicating a bearish outlook. The Maxpain point for these expiring ETH options is reported to be $3,125, and the total notional value is estimated at $930 million.
The crypto market experienced a significant pullback earlier this week, with both Bitcoin and Ethereum seeing declines. Bitcoin's price dropped towards the $60,000 mark, while Ethereum fell towards $3,000. This downturn resulted in shorts recording their most substantial and sustained gains of the year. One of the factors contributing to this downturn is the sharp decrease in Implied Volatilities (IVs) across major terms, primarily due to a significant drop in call option prices.
The market's anticipation for Saturday's Bitcoin halving had previously buoyed prices. However, this expectation no longer seems sufficient to support the market. The current market sentiment appears to be more subdued, especially with the recent slowdown in spot ETF inflows. Despite a minor crypto rally today, the actions of major market whales continue to indicate a lack of confidence. Bulls are now seeking additional inflows to strengthen market support post-halving.
